Net1 buys almost a third of Europe-based Bank Frick
Net1 announced on Monday that it had agreed to purchase a 30% stake in Lichtenstein-based Bank Frick for undisclosed sum. Net1 will have a two-year option to purchase a further 35% in the bank should this acquisition, which is subject to regulatory approval in Lichtenstein, be successful. The proposed deal follows an agreement made last year between the two companies in which Bank Frick became Net1’s strategic banking partner for its products in Europe. Bank Frick provides a full range of financial services and specialises in providing payment services and the funding of new financial technology. Bank Frick holds acquiring licences from Visa and Mastercard and has a branch in London. Board chairperson Mario Frick said the bank would benefit from Net1’s digital capabilities. "We will be able strengthen our current business areas, drive forward our fintech strategy, develop new digital business models and enter new markets". Net1 is a provider of alternative payment systems and mobile...
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